President Trump faces a critical deadline this week as his 90-day pause on reciprocal tariffs expires July 9, according to The Wall Street Journal. New duties, ranging from 10% to 70%, are scheduled to take effect on August 1. Trump said he plans to send letters to more than a dozen nations outlining tariff levels, opting for written warnings instead of finalized trade deals. Treasury Secretary Scott Bessent clarified that the letters would include one last deadline to reach agreements and avoid reinstated April tariff levels. So far, only three trade deals have been struck, including one with Vietnam, but none are fully documented. The U.S.-China deal to ease export controls on rare-earth magnets remains undisclosed, and officials now question whether China is honoring the confidential agreement. India, meanwhile, has warned the WTO of planned retaliation if a U.S. deal fails to materialize.
